Final answer:
The statement is true. Firms with the fastest time to market with new products by using cross-functional teams, including suppliers, enjoy higher profits.
Step-by-step explanation:
The statement is true.
Firms with the fastest time to market with new products by using cross-functional teams, including suppliers, often enjoy higher profits. Cross-functional teams allow for collaboration and integration of different functions within a company, leading to faster development and launch of new products. By engaging suppliers in the process, firms can also benefit from their expertise and resources, further contributing to a faster time to market.
For example, a technology company that forms a cross-functional team involving engineers, designers, marketers, and suppliers can leverage the collective knowledge and skills to bring a new product to market quickly. This can give them a competitive advantage and lead to higher profits.